State's Economic Strategy Pinches Pennies, Ignores Dollars

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Despite a budget deficit so large that it triggered the first gubernatorial recall in California history, the administration of Gov. Gray Davis has shown scant interest in stimulating the economy. But with the chaos in Sacramento - and the fact that elected officials have a smaller and smaller role to play in actually shaping the state's budget - it may be that no California governor can devise an effective economic development strategy.

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